Al Rajhi, which is invested across a variety of investment classes, geographies and sectors, including Financial Services, Real Estate, Infrastructure, Mining, Healthcare, Telecommunications, Utilities, Oil, Gas and Petrochemicals, among others, will commit to working to further the principles of transparency and accountability of the Pearl Initiative, and is the latest in a series of progressive companies making a commitment to leadership by example.
"Being a Founding Partner of the Pearl Initiative is in full concordance with the ethos of our company," says Mr. Khalid Al Rajhi, the CEO of Abdulrahman Saleh Al Rajhi & Partners and Board Member of the Pearl Initiative. "Al Rajhi is committed to working in a socially responsible manner and ensures the highest standards of ethical practices are applied. As our work includes a large number of companies across a variety of sectors, we are always striving to apply the principles of transparency, governance, accountability and philanthropy where applicable. Joining the Pearl Initiative is a further demonstration of our commitment to these principles." he said.
The Al Rajhi partnership with the Pearl Initiative demonstrates the company's commitment to: supporting and promoting specific ethical behaviour and business practices; creating an internal corporate culture with standards of transparency, accountability, social responsibility and corporate governance; participation in certain leadership training programmes; engagement with peers; acting as an advocate for the Initiative; and stimulating social entrepreneurship across the Gulf region of the Middle East.
The Pearl Initiative is a private sector-led, not-for-profit initiative set up in cooperation with the United Nations Office of Partnership to improve transparency, accountability and business practices in the Gulf Region of the Arab world. It is a growing regional membership network of business leaders, committed to driving joint action and sharing knowledge and experience.
The Pearl Initiative held its most recent Board meeting in Riyadh on 19th December 2011. On the same day in Riyadh, the Pearl Initiative invited Professor Peter Eigen, Founder of Transparency International, to contribute to a CEO Roundtable on Good Governance. Forty leaders from Saudi public companies, privately-held firms, and government-owned corporations and bodies participated in the informal and interactive discussions on governance and transparency issues and priorities within the regional context.
As Badr Jafar, Co-Initiator of the Pearl Initiative, commented "This Forum, and others like it facilitated by the Pearl Initiative across the region, are important platforms for leading companies like Al Rajhi to share experiences, exchange ideas and find collaborative ways to make progress on these critical business issues."